Part 4Employment income: exemptions
Chapter 1Exemptions: general
227Scope of Part 4
1
This Part contains—
a
earnings-only exemptions, and
b
employment income exemptions.
2
In this Act “earnings-only exemption” means an exemption from income tax which—
a
prevents liability to tax arising in respect of earnings, either by virtue of one or more particular provisions (such as a Chapter of the benefits code) or at all, and
b
does not prevent liability to tax arising in respect of other employment income.
3
In this Act “employment income exemption” means an exemption from income tax which prevents liability to tax arising in respect of employment income of any kind at all.
4
The following provisions in Part 7 also confer exemption from liability to income tax in respect of earnings—
F1a
section 425 (restricted securities: no charge in respect of acquisition in certain circumstances),
b
section 475 (no charge in respect of acquisition of securities option),
c
sections 489 to 493 and sections 496 to 499 (approved share incentive plans),
F2d
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
e
section 519 (approved SAYE option schemes: no charge in respect of exercise of option),
F3f
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
g
section 524 (approved CSOP schemes: no charge in respect of exercise of option),
F4h
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
i
section 542 (priority share allocations: exemption where offer made to public and employees), and
j
section 544 (priority share allocations: exemption where different offers made to public and employees).